What changes were made to the historic structures rehabilitation tax credit?

The cap for the rehabilitation of historic structures tax credit has been reduced from $125 million to $85 million for Part II applications received by the Department of Culture, Recreation and Tourism on or after January 1, 2025. In addition, the provision authorizing the rollover of unreserved credit to be made available for reservation in the subsequent calendar year has been repealed. No more than $85 million may be reserved in a single calendar year beginning January 1, 2025.